Gas Subsidiaries Update

The following updates are based on information released by Delek Group gas subsidiaries, Delek Energy Systems Ltd., Avner Oil & Exploration L.P and Delek Drilling L.P. All financial and business information is given only for the convenience of the reader. The only official financial and business information, is that which is included in the officially published immediate reports and financial reports of Delek Group and its gas subsidiaries, to the Israeli Securities Authority and the Tel Aviv Stock Exchange, in Hebrew. In the event of any conflict between financial and business information given on this site and the Hebrew published immediate reports, the Hebrew published immediate reports shall prevail. More on Delek Group's disclaimer.

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Decision Approved to Drill Exploration Well at South West Tamar Prospect

Tel Aviv, September 11, 2013. Delek Group's gas subsidiaries, Delek Drilling LP and Avner LP, announced yesterday that a decision to drill exploration well at South West (SW) Tamar prospect, located in Tamar I/12 lease and Eran/353 license offshore Israel, has been approved. According to the resources report prepared by Netherland Sewell and Associates Inc. and which was prepared according to SPE-PRMS rules, the best estimate of the undiscovered resources located in SW Tamar prospect, as published on August 21, 2013, amounted to 684 BCF (for 100% WI) at a 90% probability of success.  Noble Energy Mediterranean Ltd., the operator, has recommended to the the partners to approve the exploration well. The budget of USD 122 million (100%) has been approved (excluding production tests). The drilling is expected to start in the coming two weeks, after finishing the drilling and production tests at Aphrodite A-2 in Cyprus, and last for approximately four months. The depth of the well is expected to be approximately 1,650 meters, and planned final depth drilling is approximately 5,300 meters below sea level.

For more information please see the immediate reports as published on TASE.

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